Three implied-volatility fear gauges + the put/call ratio composite. Each has its own predictive niche; their divergence often signals impending regime changes.
| Gauge | What it measures | High level means |
|---|---|---|
| VIX | 30-day implied vol of S&P 500 | Fear / volatility expectations rising |
| SKEW | Tail-risk hedging demand (deep-OTM put pricing) | Institutions paying up for black-swan insurance |
| VVIX | Vol-of-VIX (vol of vol) | Anticipated turbulence in volatility itself — moves often LEAD VIX |
| PCR | Put volume ÷ call volume (overall SPY) | >1.2 bearish · <0.7 bullish · 0.7-1.2 neutral |
Each hero number shows its rank within its ~14-month history. p90+ = unusually elevated, p10− = unusually low. The current percentile + recent trend together tell you "is this level structurally extreme or just transient noise."
The callout under the sparklines auto-detects classic divergence patterns — e.g., VIX low + SKEW high = "complacency in spot vol while tail demand stays elevated", a frequent precursor to vol spikes.
Click any sparkline tile to expand the historical chart with min/max/avg + percentile band.